Economics at your fingertips  

Macroeconomic effects of quantitative and qualitative monetary easing measures

Junko Koeda

Journal of the Japanese and International Economies, 2019, vol. 52, issue C, 121-141

Abstract: We estimate a structural vector autoregressive model with an effective lower bound of nominal interest rates (ELB) using Japanese macroeconomic and financial data from the mid-1990s to the end of 2016. The estimated results show that the Bank of Japan's quantitative and qualitative easing (QQE) policy increased output via “pure” quantitative easing when the first-year's QQE level effect was controlled, complemented by qualitative easing. Our nonlinear counter-factual analyses show that raising the ELB or lowering an inflation threshold in forward guidance is not necessarily contractionary.

Keywords: Effective lower bound of nominal interest rates; Quantitative and qualitative monetary easing policy; Forward guidance; Structural vector autoregression; Maximum likelihood (search for similar items in EconPapers)
JEL-codes: E58 E52 C32 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed

Downloads: (external link)
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Macroeconomic Effects of Quantitative and Qualitative Monetary Easing Measures (2018) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

DOI: 10.1016/j.jjie.2018.12.006

Access Statistics for this article

Journal of the Japanese and International Economies is currently edited by Takeo Hoshi

More articles in Journal of the Japanese and International Economies from Elsevier
Bibliographic data for series maintained by Haili He ().

Page updated 2020-12-30
Handle: RePEc:eee:jjieco:v:52:y:2019:i:c:p:121-141